Summarized financial information from the separate financial statements of the External Investment Manager as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 is as follows:


	As of March 31, 2026		As of December 31, 2025

	(in thousands)

Accounts receivable - advisory clients (1)	$	11,319	$	11,415
Intangible asset	29,500		29,500
Total assets	$	40,819	$	40,915

Accounts payable to MSCC and its subsidiaries	$	8,450	$	8,734
Dividend payable to MSCC and its subsidiaries	2,869		2,681
Equity	29,500		29,500
Total liabilities and equity	$	40,819	$	40,915


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Management fee income	$	6,071	$	5,752
Incentive fees (1)	4,003		2,690
Administrative services fees	186		174
Total revenues before waivers	10,260		8,616
Waiver of incentive fees	(985)		—
Total revenues, net of incentive fee waivers	9,275		8,616
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs	(4,571)		(4,551)
Other G&A expenses	(895)		(785)
Total allocated expenses	(5,466)		(5,336)
Other direct G&A expenses	(10)		(38)
Total expenses	(5,476)		(5,374)
Net income before taxes	3,799		3,242
Tax expense	(930)		(748)
Net income	$	2,869	$	2,494

(1)As of March 31, 2026 and December 31, 2025, MSC Income had an expense accrual of $2.1 million and $2.8 million, respectively, of incentive fees on capital gains to the External Investment Manager. MSC Income accrued $2.8 million of incentive fees on capital gains in the fourth quarter of 2025, of which $0.6 million was reversed in the first quarter of 2026. However, no capital gains incentive fees were contractually payable to the External Investment Manager as of March 31, 2026 and as a result no income accrual was recorded by the External Investment Manager during any period.